Earnings per Share

3 Months Ended

Mar. 31, 2017

3. Earnings per Share

Net income available for common stockholders is based on the Company’s approximate 29.9% interest in Virtu Financial.

The below table contains a reconciliation of net income before noncontrolling interest to net income available for common stockholders:


	For the Three Months Ended		For the Three Months Ended
(in thousands)	March 31, 2017		March 31, 2016
Income before income taxes and noncontrolling interest	$	23,882	$	58,702
Provision for income taxes		2,808		7,346
Net income		21,074		51,356

Noncontrolling interest		(16,494)		(41,008)

Net income available for common stockholders	$	4,580	$	10,348

The calculation of basic and diluted earnings per share is presented below:


	For the Three Months Ended March 31,
(in thousands, except for share or per share data)	2017		2016
Basic earnings per share:
Net income available for common stockholders	$	4,580	$	10,348

Less: Dividends and undistributed earnings allocated to participating securities		(353)		(221)
Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities		4,227		10,127

Weighted average shares of common stock outstanding:
Class A		40,398,381		38,210,209

Basic Earnings per share	$	0.10	$	0.27


	For the Three Months Ended March 31,
(in thousands, except for share or per share data)	2017		2016
Diluted earnings per share:
Net income available for common stockholders, net of dividends and undistributed earnings allocated to participating securities	$	4,227	$	10,127

Weighted average shares of common stock outstanding:
Class A
Issued and outstanding		40,398,381		38,210,209
Issuable pursuant to 2015 Management Incentive Plan(1)		—		279,280
		40,398,381		38,489,489

Diluted Earnings per share	$	0.10	$	0.26

(1)

The dilutive impact of unexercised stock options excludes from the computation of EPS 774,529 options for the three months ended March 31, 2017 because inclusion of the options would have been anti-dilutive.